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about the debt ceiling announcing if congress doesn't work with him and raise the debt ceiling america will go into default on the loans and we might have to sell florida. so, take goodbye to nanna and papa. >> you can see jimmy kimmel at the new time following the abc7 at 11. >> and the story behind a baby panda high five that >> on the 4th anniversary of the miracle on the hudson, "sully" sullenberger joins katie couric for a great day and reunited with the passengers he saved in the incredible emergency landing on new's hudson river. >> of all people to be piloting that day, thank god, sully, it was you. sometimes i get on a plane and i am like, sully? anybody named sully on this plane? >> i appreciate that. when i travel as a passenger i have people recognize me and they say i feel better knowing you are here. >> we feel the same way, too. that is katie at 3:00 and you can hear more right here on abc7. on abc7 news at 4:00, a hand's on lesson, high school students get an opportunity to touch and study a whale. on abc7 news at 5:00, the number of people who turn to the internet rath
will not negotiate over the debt ceiling. congress has to do its job. >> woodruff: when it comes to the republicans jake sherman, you've been talking to some of the folks on the hill. they were digging in their heels just as much as the president was. what was their reaction? >> i think they have... they see this situation as three big issues: the government funding issue. that runs dry at the end of march. the debt ceiling. and these automatic spending cuts that take hold at the beginning of march. they want to use these opportunities. they don't think it's so bad to shut down the government or to default on the debt. they are even skeptical of the administration's estimates of when that will happen. so they see themselves really having very little leverage besides doing something which a lot of americans would consider extreme which is defaulting on the debt or shutting down the government. now i think it's virtually impossible that speaker john boehner will raise the debt ceiling without commensurate spending cuts. he's way too far out on a limb on that prospect. so it's going to be one of these
. the debt ceiling -- raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay its existing bills. it does not create new deficits. it does not create new spending. so not raising the debt ceiling is sort of like a family which is trying to improve its credit ratings and i know how we can save money, we will not pay our credit card bills. not the most effective way to improve your credit rating. it was a very slow solution to the debt ceiling in august of 2011 that got the u.s. downgraded last time. so it's very important. all these issues are important, but it's very, very important that congress take necessary action to raise the debt ceiling to avoid a situation where our government does not pay its bills. >> a number of people have expressed concern about how much of the challenges actually were addressed in the deal. it went part of the way, as you mentioned. but it leaves a number of issues still on the table and traditional negotiations are looming. would you characterize that as an additional cliff that is facing us? or do you think it
.7%. >>> urging for actions, president obama and tim geithner say congress must raise the debt ceiling or cause irreparable damage to the u.s. economy. >>> and jump t to the top of the ftse 100 after third quarter revenue beat the forecast, burberry had earnings higher than expected. >>> all right. sorted out my mike issues. "worldwide exchange" is slightly different today because we're analyzing the first german gdp numbers. >> and i come to the u.s. where it's all annualized and we stick to the european data and it's quarter on quarter. given the context, we're still working through what all that means. >> exports in november, down 94.1 billion is where we essentially went. 98.4 billion was the october numbers. so exports in november driving down. and that gdp number is worth pulling out. exports for the year, up 4.1%. as far as production is concerned, it was up 2% in november. but the forecast were for it to rise up 1%. it was a very weak october, as well. it was this production and that production number. when that came out, it essentially made people put a pretty fourth quarter in the who
quickly because time is running short. >> brown: congress has until march to raise the debt ceiling and prevent a government default. most republicans have insisted that with the government facing another trillion dollar deficit this year, any increase in borrowing authority must be tied to cuts in spending. the president flatly disagreed. >> i want to be clear about this. the debt ceiling is not a question of authorizing more spending. so while i'm willing to compromise and find common ground over how to reduce our deficits, america cannot afford another debate with this congress about whether or not they should pay the bills they've already racked up. >> brown: the 2011 stand-off between the president and republicans over the debt ceiling led the nation to the bryning of national default. standard and poors even lowered its rating on u.s. government bonds. today, president obama said any repeat performance would be, quote, irresponsible. >> if the goal is to make sure that we are being responsible about our debt and our deficit, if that's the conversation we're having, i'm happy t
bypassing the debt ceiling -- on congress's behalf. >> democrats are urging the president to use executive order to say congress, i don't node to you raise the debt ceiling, i am going to do it on my own. i want everybody to know,utive order -- high is not the first president and won't be the last to use executive order. frankslinrosis velt passed 37 executive orders and clinton and reagan did 350-plus. i am talking about policy issues of significant magnitude that need to have a full public vetting. the american people need tock engaged in the process. we need hearing on the matter ogun control, specifically. and we really need to talk about mental health and how we as a society are not embracing people with mental health issues. that's a bigger conversation, i know, neil. >> neil: thank you for indulging all of this breaking news and being on top of it. we told you about the mulvaney amendment, matching dollar for dollar, any aide they are getting in like-minded cuts from discretionary spending. that was defeated, as expected on the flor of the house. to missouri running senator roy blun
the debt ceiling. president barack obama will not negotiate with congress on this issue. while republicans want any increase in the debt ceiling to be tied to spending cuts... >> the issue here is whether or not america pays its bills. we are not attend beat nation and so -- there is a very simple solution to this. >> now in a statement, house speaker phil boehner indicated the republican party is prepared for a fight and the consequences of increasing the debt ceiling are real but so too is the consequences of allowing our spending problem to go unresolved. >>> they are closely watching this debt ceiling battle in washington and if congress does not act on the debt ceiling, the national economy could fall and that would have a negative affect on california's budget numbers. they revealed a budget surplus in many years and that's thanks to a new tax revenue from proposition 30 as well as spending cuts. >>> the social media is buzzing about a possible announcement by facebook. janine de la vega joins us now from menlo park with more on a mystery event that is going to take place in just a f
it meant to raise the debt ceiling f.congress raises the debt cell what does it do. puts us more in debt. >> it allows him to borrow more money. >>reporter: half the people we talked to had no idea what the debt ceiling was. she blamed lawmakers. >> i believe honestly they make things purposely confuse to go do whatever they want. >>reporter: so if the president wants to turn up the heat on house republicans he has to make the issue clear and as bruce explains, republicans need to decide if they really want to stand their ground on this issue at the risk of economic down tivrnlt i think a lot has to do yes tea party you want to make a case is this the time to do it and right way to do it. that i think is boehner responsibility to explain that to his caucus members. my unitsing that's what he's planning to do over the next couple days. >>reporter: tea party express issued a statement saying it's completely irresponsible for the president of the united states to demagog this issue. the president will have big opportunity to speak to the nation on this if he chooses t to. inauguratio
to pay the bills if congress does not raise the debt ceiling. president barack obama said we are not a dead beat nation and congress wants to pay its bills but we do not want to be tied to spending cuts. >> they have two choices they can act responsibly and pay america's bills or they can act irresponsibly and put america through another economic crisis. >> house speaker phil boehner indicated the gop is prepared for a fight and the consequences to fail to increase the debt ceiling are failing as well as allowing the spending problem to go unresolved. the concern is that if congress fails to act on the debt ceiling, the national economy could dip and that could likely have and i affect on california's budget numbers. >> the risk to our forecast numbers could come next month and that's what the federal government chooses to do or not to do regarding the debt ceiling. >> the budget released by governor jerry brown showed a budget surplus for the first time in many years. >>> right now it is 4:44 let's check in with sal on an early morning report on traffic. >>> good morning eve
in office. talked pose i about the debt ceiling. he announced if congress doesn't work with him and raise the debt ceiling will america will go into default and we might have to sell florida. say goodbye to nana and pop pop. >> chimpy up next. >> the morning news starts at 4:30 appreciate your time have a good night. a good night. >> good night "jimmy kimmel live"! tonight ellen degeneres. the bachelor sean lowe. and music from onerepublic. with cleto and the cletones. and now from this point on, here's jimmy kimmel! [ cheers and applause ] >> jimmy: welcome. hi, i'm jimmy. i'm the host. thanks for watching. thank you for -- raising the arctic 50 degree weather to be here tonight in hollywood. very kind. i do appreciate
. coming gap, president of bond -- obama demanding part congress dr jobs and raise the debt ceiling. slip in the showers. lawsuits by prison inmates causing taxpayers more than $100 million. i'll break it down next. ♪ gerri: taxpayers on the hook for more than $100 million thanks to lawsuits from prison gerri: here at "the willis report" we bring you the stories of government abuse of our taxpayer dollars every day. today we have a doozy. they say crime pays and, boy, does it. inmates held at rikers island here in new york been suing the city for injuries they say they received in jail. now, some say they slipped on suppleness shower while others say the beds were too short and injured them. i kid you not. one fellow has been locked up in rikers since 2009 for apparently firing on to new york police department cops. he says a stop up rain in the shower cost of defaults. he says the city is at fault for not putting down rubber mats or those big orange hazard comes. people familiar with the sec in order prisoners share names of lawyers, even putting attorney contact information year jail
. if congress fails to raise the debt ceiling the government can spend only what it received in daily revenues each day. those revenues won't cover about 40% of government debt obligations for the month. the treasury would have to pick and choose between more than 100 million monthly payments to figure out which ones to cover. the only payment virtually guaranteed is the interest on our debt, which brings us to our next fact check. >> if congressional republicans refuse to pay americans' bills on time, social security checks and veterans benefits will be delayed. >> reporter: something social security payments may seem like a hostage in all of this but they don't have to be. the truth is social security has its own dedicated income stream with a reserve of trillions of dollars invested in u.s. treasury bonds. those bonds can be without raising our national debt. bottom line, the government chooses, social security checks can continue to flow. lastly, the president began his address with this declare tiff statement. >> raising the debt ceiling does not authorize more spending. it simply allows
in office. he talked about the debt ceil saying if congress does not work with him to raise the debt ceiling america will be in default and we my have to sell florida. >> watch jimmy kimmel live weeknights right here on abc7 at the new time following abc7 news at 11 and "nightline" is on right after that. >> lebanese -- leave disneyland and the cracked crab >> welcome back on the 4th anniversary of "miracle on the hudson." "sully" sullenberger joins katie about the incredible emergency landing. >> of all people to be piloting that lane, thank goodness it was you. i get on a plane and i think, sully? anyone named sully on this plane. >> i appreciate that and when i travel as a passenger i have people recognize me and they say i feel better knowing you are here. >> i look for him in the cockpit, as well. that is katie at 3:00 p.m. right here on abc7. >> good show. >> 5:23. great mighting that day. amazing to see the pictures. >> now, outside, it is darn cold. >> do we want do? mike, what are we facing? >> freezing temperatures in a lot of areas but this afternoon we are going to chip away at t
. he announced if congress doesn't work with him and raise the debt ceiling will america will go into default and we might have to sell florida. say goodbye to nana and pop pop. >> chimpy up next. >> the morning news starts at 4:30 appreciate your time have a good night. a good night. >> good night
the debt ceiling, which congress has to do periodically gives the government the ability to pay its existing bills. it doesn't create new spending or new government. so simply paying the -- not the most effective way to improve your credit rating. >> bernanke was speaking at the university of michigan. he gave no clear hints on what the fed could curve its aggressive bond purchases. on the economic agenda today, we had a number of key data points. coming at 8:30 eastern, we're getting retail sales, the producer price index. at 10:00, we have business inventories the. a lot of different numbers to roll through and assess this morning. >> and we have a new poll of small businesses finds a large majority of owners believe washington has become more hostile towards free enterprise in recent years. stop the presses. the survey was conducted on behalf of the job creator's alliance. a quarter of the respondents volunteered taxes as the most important issues facing american small businesses and that's double the response for any other issue. the next two were government and relagz. in other
. but the president says he will not have the debt ceiling tied to the bills congress has already racked up. >> what i will not do is to have that negotiation with a gun at the head of the american people. >> reporter: the debt ceiling deadline is just one of three budget showdowns the white house and congress face in the coming months. house speaker john boehner said if laws do not tackle the debt and spending at the same time, it will cost americans jobs. in a statement, senate minority leader mitch mcconnell said "the president and his allies need to get serious about spending." danielle nottingham, cbs news, the white house. >>> military suicides have reached record levels. so bad that the secretary of defense calls it an epidemic. the pentagon says there were 349 suicides among active duty personnel last year. that's more than the number of combat deaths in afghanistan. experts say iraq and afghanistan war veterans suffering from depression and post traumatic stress are at the highest risk. >>> secretary of state hillary clinton will testify next week about the deadl
to take it but congress needs to send him a debt ceiling increase. remember the debt sealing acording to the treasury department is due to run out to laps and we would approach a default position sometime in the middle of february, just next month. there is not a lot of time. now republicans have said and i asked the president about this you know, historically the debt ceiling because it oftentimes difficult to get votes in congress to pass a debt ceiling, has often been accompanied by fiscal or deficit reduction measures. back in the '80s, the '90s and even in president's presidency himself he has signed four laws raising debt ceiling. three were tied to some sort of fiscal management, legislation itself. but the president now says i'm tired of negotiating all those things, raised the debt ceiling and then i will get on with other conversations with you about dealing with the sequester, the across-the-board spending cuts and other budget related issues. but not until you take care of the debt ceiling and get that off the table. that was the president's principal message today and he
if congress doesn't raise the debt ceiling. president obama says he will not negotiate this issue with congress but republicans want any increase in the debt ceiling to be tied to spending cuts. >>> the issue here is whether or not america pays its bills. we are not a deadbeat nation. and so -- there is a very simple solution to this. >> now, in a statement, john boehner indicated the republican party is prepared for a fight. he said "the consequences of failing to increase the debt ceiling are rule but so are the consequences of allowing our spending problem to go unresolved." >>> state lawmakers in sacramento are closely watching this debate in washington. the concern is that if congress doesn't act on the debt ceiling, the national economy could dip and that would likely have a negative effect on california's budget numbers. push >> the biggest risk to our forecast or the analysts' forecasts could come next month and that's from washington, d.c. >> the 2013 budget release by governor brown showed a surplus for the first time in many years and that was thanks to new tax revenue
solution, other than congress either give me the authority to raise the debt ceiling, or exercise the responsibility that they have kept for themselves and raise the debt ceiling. because this is about paying your bills. everybody here understands this. i mean, this is not a complicated concept. you don't go out to dinner and then eat all you want, and then leave without paying the check. and if you do, you're breaking the law. and congress should think about it the same way that the american people do. you don't -- now, if congress wants to have a debate about maybe we shouldn't go out to dinner next time, maybe we should go to a more modest restaurant, that's fine. that's a debate that we should have. but you don't say, in order for me to control my appetites, i'm going to not pay the people who already provided me services, people who already lent me the money. that's not showing any discipline. all that's doing is not meeting your obligations. you can't do that. and that's not a credible way to run this government. we've got to stop lurching from crisis to crisis to crisis, wh
if congress does not raise the debt ceiling. president barack obama said congress needs to pay its bills but republicans want any bills paid to be tied to spending cuts. >> they have two choices, they can act responsibly and pay america's bills or they can act irresponsibly and put america through another economic crisis. >>> and the gop is prepared for a fight saying quote, the consequences of failing to increase the debt ceiling are real, but so too are allowing our spending problem to go unresolved. >>> convenience stores will be busy today. people want to hit the new jackpot drawing, an estimated $62 million. on friday, somebody in orange veil matched all five mumps minus the mug did he -- five numbers minute news the meganumber giving them a $250,000 pay day. >>> it is almost every wear and as a -- everywhere and as a matter of fact looking at highway 4 traffic is slowing down from bay point to concord. traffic is mostly slow and the only good news is we have not had any major crashes but we have had our share of slow traffic on this stretch. traffic is backed up for a 15 to 20 minu
congress to raise the debt ceiling when it's within $100 billion. step two, the congress rejects that request and sends a joint resolution of disapproval back to the white house. step three, obama vetoes the resolution of disapproval. step four, congress does nothing. as long as the house and senate wait 15 days before addressing the white house veto, then the president gets his original wish and the debt ceiling automatically goes up. in other words, a redo of the fiscal cliff threatening the u.s. economy. give extremism and allow congress to basically do anything. welcome to washington. andrew, is this -- is this the way it goes now? >> i'm depressing. it is depressing are but it's also maybe the viable path forward. in terms of harm done to the u.s. economy sshgs that the best solution? >> i cannot get behind that. by the way, count get behind the platinum coin. we could draw something on a little piece of paper, and they could hand it to me. i can't get behind any of that. ultimately, we have to actually figure this out. the president has to figure it out. congress has to fig
, no ready, credible solution other than congress either give me the authority to raise the debt ceiling or exercise the responsibility that they have kept for themselves and raise the debt ceiling because this is about paying your bills. everybody, everybody here understands this. i mean, this is not a complicated concept. you don't go out to dinner and then, you know, eat all you want and then leave without paying the check. and if you do, you're breaking the law. >> megyn: jonna spilbor is a columnist and writer for the national review. those comments, he goes on to say there's no simpler solution, no ready credible solution other than congress give me the authority to raise the debt ceiling or raise the debt ceiling themselves there's no simpler ready solution other than that, that have some people believing he's telegraphing, i'm telling you, it's simplest for you to do it, but i'm willing to do the more complicated route. >> i'm not sure that's right. i think a lot of people are on the left, including nancy pelosi who are wanting-- or invoking the 14th amendment and they're looking
of the debt ceiling in order to make sure that those bills are paid. and so what congress can't do is tell me to spend x, and then say but we're not going to give you the authority to go ahead and pay the bills. >> the economist made a laundry list of what would happen if congressional republicans refused to raise the debt limit. failure to raise the debt ceiling would force immediate spending cuts equal for 6% of gdp. not only would that threaten to send the economy back into recession, it would also deprive many of money needed to meet their own obligations, setting off a chain reaction of defaults that could incite investors to dump their holdings, driving up interest rates. joining me now is ezra klein, an msnbc columnist, who could add more. ezra, for the 99th episode of what happens if we don't raise the debt ceiling. give us the idea of what the latest talk in washington is of what may or may not happen. >> we got a call from the head economist for j.p. morgan, and we asked about treasury debts. what if it was not as secure as we thought. it would be like the painting of hell. people n
conference in the first term. >> to draw the line on the debt compromises. >> raising the ceiling doesn't authorize more spending. >> the president clearly came out putting it on the republicans. >> republicans in congress have two choices here, they can act responsibly. >> this is such a recipe for disaster for the republican party. >> or they can act irresponsibly, they better choose quickly. >> frankly all republicans have to bargain with. >> yes, they are, yes, they are. >> they're holding us hostage. >> are we heading to a shutdown. >> this could be a financial disaster. not only for our country, but for the world. >> social security checks and veteran's benefits will be delayed. >> i don't think it is a question that is even on the table. >> ironically would probably increase our deficit. it is absurd. >> the president won't back down on the debt ceiling or on gun safety. >> the pressing issue of gun reform. >> exactly one month after the tragedy at sandy hook. >> if there is a step we can take that will save even one child we should take that step. >> gun violence continues to wr
congress to up the debt ceiling. of course what he said is, i know the republicans want to try to get some sort of spending cuts and stuff like that. i'll deal with it. just not over this. >>gretchen: so yesterday how has he changed now that he's president and he's been in a couple of these debt ceiling fights with republicans? another one is coming up in march. many people believe it is the only leverage the republicans hold in any kind of discussions about cutting spending. the president changing his tune now. listen to this. >> america cannot afford another debate with this congress about whether or not they should pay the bills they've already racked up. so to even entertain the idea of this happening, of the united states of america not paying its bills, is irresponsible. it's absurd. >>steve: so it was irresponsible for president bush to run up a huge bill. and now that he's president, it's irresponsible if the congress doesn't give him the blank check. let's just point out a couple of things. president bush all by his lonesome racked up about $5 trillion in debt. in eight years. pre
-- that in the event, congress doesn't authorize to raise that debt ceiling that he will do it unilaterally himself and he thinks he has the authority. do you >> absolutely not. under the 14th amendment of the constitution you can only do this as authorized by law and law is only created through the united states congress. so the president has absolutely no ground to stand on, absolutely none. >> greta: speaking of law, he's supposed to by february 14th send a budget to you and they sent a notice that the president is not going to be ready with the budget by februa february. and that's not the law. >> i don't get any sense of urgency for the president. four years in a row president submitted a budget. and four years, not a single democrat, not a single republican house has ever voted for the president's budget ever. >> greta: suppose congress doesn't vote to raise the debt ceiling. president obama does it unilaterally, what are you going to do? >> this is the constitutional crisis. i don't know exactly what that looks like, but the president has absolutely no authority to do that. i don't know how
the president's comments on the debt ceiling today, in a speech at the university of michigan, he said congress has to take action to avoid a situation where our governme doesn't pay its bills. ahead of that, stocks were mixed, the blue chip dow rose almost 19 points, while the nasdaq dropped eight, and the s&p 500 down a point. >> susie: weighing on the nasdaq today: apple. the stock got crushed, on word demand for the iphone 5 is slipping. the stock closed just shy of $502, losing almost 4%. in pre-market trading the shares briefly fell below $500, the first time in nearly a year. suzanne pratt reports. >> reporter: apple has been taking a big bruising. first, it was the earnings miss for the september quarter, the second straight. then, there's been growing speculation the tech innovator is losing its edge to competitors, particularly samsung with its popular galaxy smartphone. finally, today there were reports apple dramatically cut orders for iphone 5 components, due to weak demand. to be sure, apple has not confirmed soft sales with hard numbers. but, experts it would not surprise them if
. president obama tells congress we're not a deadbeat nation, and they need to raise the debt ceiling now, so we can pay our bills on time. >> tom: i'm tom hudson. a sour day for apple investors. the stock tumbles to 11 month lows on new worries about waning demand for the iphone 5. >> susie: but a banner day for g.m., the cadillac ats takes car of the year at the big auto show in detroit, and its new corvette stingray wows gear heads around the globe. >> tom: that and more tonight on "n.b.r."! >> susie: the next big fight in washington has begun. president obama today called on republican lawmakers to authorize an increase in the nations debt limit, saying that messing with it could potentially have catastrophic results for many americans and the overall economy. he warned markets would go haywire if congress does not act, interest rates would rise, and checks to social security beneficiaries would stop. and he said even thinking about the u.s. not paying its bills is irresponsible and, "absurd". darren gersh reports. >> reporter: in his first news conference of the new year the president ga
to negotiate with republicans about raising the debt ceiling. >> if the republicans in congress have made a decision that they want to shut down the government in order to get their way, then they have a vote in the house of representatives to do that. >> the problem, that's what they say they're going to do. great to see you birthday. david, the president himself saying, i acknowledge it, a government shut-down is a possibility. cathy mcmorris rogers of washington state told politico, i think it's possible we would shut down the government. so here we are, we're getting to a problem. treasury secretary tim gietner said mid-february/march is as far as he can go. who blinks first? >> this is like one of the situations in the monkey cage at the zoo where the monkeys bang their chole their chests and look as powerful as possible. the president is escalating this situation. no 14th amendment option. do it my way or we plunge the public credit of the united states into bankruptcy. and the republicans are responding equivalently by saying to the president, we're not scared. we're not scared of
on the debt ceiling debate. [video clip] >> republicans and congress have two choices. they can act responsibly and pay america's bills or they can act irresponsibly and put america through another economic crisis. but they will not collect ransomed in exchange for not crashing the american economy. the financial well-being of the american people well-being is not a leverage to be used. the full faith and credit of the united states is not a bargaining chip. they had better choose quickly, because time is running short. the last time republicans in congress even flirted with this idea, r. triple-a credit rating was downgraded for the first time in our mystery, our businesses created the few jobs in any month in nearly the past three years, and the whole fiasco added to the deficit. host: after the news conference yesterday, house speaker john boehner responded with this statement -- " what are your thoughts on this? if the debt ceiling negotiable. some quick comments -- remember, you can post your comments on twitter. the first phone call is from maryland, a democratic caller, jill.
. the u.s. officially hit the debt ceiling set by congress on december 31st. facebook is inviting the media to an event to come see the building. there is speculation they will be unveiling their own smart phone. it could be a new search imagine that will tap into friends's suggestions and take on google. >> what the world needs. another smart phone. >> thank god. >> we all have our smart phones. >> we need a bigger table. >> if it's good and it takes my friend's suggestions, buy it. >> i take my friend's suggestions. i want to take them. >> we have been talking about the cover of the daily news and talking about the new ap from the national rifle association. just a month after. >> here came up with this. >> completely missing the one-month anniversary. >> that are we were talking about and in newtown, connecticut. nra practice range. it's a free ap for ages 4 and over. it includes a 3d shooting game with targets that are in the shape of coffins. >> would you want your 4-year-old doing that? are you kidding me? crazy. >> the nr a's ceo singled out vicious violent va games and tha
of the problems with this debt ceiling fight is that it's such a ridiculous idea on its face that congress has to vote again to say we'll pay our bills, that most americans figure it must be more spending. and it isn't. so it's really good that president obama went out there today and is continuing to hit at this and say this is not about more spending. it's about saying we're going to pay our bills. and because no congress has ever been crazy enough to do something like this, to say we won't increase the debt ceiling, we don't fully know what the damage is. you're right in that list. if the government can't pay its bills, all those people get hurt. but on top of that and what is most damaging to most americans, especially people out of work is the damage this will do to the american and the global economy. the rest of the world is counting on our economy right now to keep growing so the world economy can keep growing. when newt gingrich says this is a bad idea to use -- hold the country hostage to the debt ceiling, when newt gingrich looks like a moderate and a statesman, i think the republic
says he will not have the debt ceiling tied to the bills congress has already wrapped up. >> what i will not do is to have that negotiation with a gun at the head of the american people. >> reporter: the debt ceiling deadline is just one of three budget showdowns the white house and congress face in the coming months. house speaker john boehner said if lawmakers don't tackle the debt and spending at the same time it will cost jobs. in a statement, senate majority leader mitch mcconnell said the president and his allies need to get serious about spending. president obama also addressed the possibility of new gun legislation. >> if there is a step we can take that will save even one child from from what happened in newtown, we should take that step. >> reporter: the president has seen recommendations from vice president joe biden's gun violence task force and plans to lay out action he will take to curb gun violence later this week. danielle nottingham, cbs news, the white house. >>> if your boss offered you more money would you refuse? why a bay
hadn't even heard of before two years ago. so i want to be clear about this. the debt ceiling is not a question of authorizing more spending. raising the debt ceiling does not authorize more spending. it simply allows the country to pay for spending that congress has already committed to. >> and of course republicans tried to trick americans into believing the debt ceiling was a blank check or magic credit card for the president to go spend whatever he wanted to spend. of course, the united states constitution gives the power to tax and spend to the congress, and the congress alone. our current deficit is the result of money congress has already borrowed. president obama explained to the american people today how republicans in congress are trying to avoid doing their actual jobs. >> these are bills that have already been racked up. and we need to pay them. so while i'm willing to compromise and find common ground over how to reduce our deficits, america cannot afford another debate with this congress about whether or not they should pay the bills they've already racked up. >>
warnings on the debt ceiling. timothy geithner telling congressional leaders that the u.s. will exhaust its limit mid-february. bernanke urging congress to extend borrowing authority well before the deadline. the u.s. could lose its aaa rating, so where do we go from here? wonderful to have you with us. you believe the u.s. will not default on its debt. how will washington get to that point? there is a proposal of delaying inflammation of the obama law. >> everything is on the table, including the delight that the republicans are talking about. my guess is, or that our guess is, they will go all the way down to the wire. whether there will be enough to talk about a substantial reduction in the debt, i think that is a little bit more up for grabs. we will get pretty close to that line. in the process, the worry is not that we do fall, but that the markets could get very upset. as they did in the summer of 2011, especially the stock market. lori: the markets have to be somewhat jaded. having said that, how will that impact the first quarter? >> the markets are starting to get a little jaded.
that, it's against the law, said the president. he added if congress fails to raise the debt ceiling american people will pay the price. >> social security checks and veteran benefits will be delayed. we might not be able to pay our troops or honor our contracts with small business owner autos again and again, the president repeated the fact raising the debt ceiling only allows for payment of bills that congress has already racked up. but when we went out to talk with residents most had no idea what it was or what it meant. if congress raises it, what does it do? >> puts us in debt. >> ate lous him to borrow more money. >> i feel goitsing to raise prices on everything. >> when explaining what it means, most told us they won't raise it. >> i hope rinz would. i do. >> coming up at 6:00 why he thinks the president did likely to win this one. he'll say what he needs to do before the debt ceiling comes up for a vote. >> clearly a lot of confusion about that. cuba's new law easing travel restrictions began today pechl are taking advantage of it. >> they stood in long lines outside travel a
the president the power to raise the debt ceiling in february. >> republicans in congress have two choices here. they can act responsibly and pay america's bills or they can act ir responsibly and put america through another economic crisis. >> so you can see what the president is doing. he wants americans to believe the gop is the problem not massive spending. likewise on the gun control issue. the president wants it to come to a head to highlight republican opposition to limiting guns and ammunition. joining us now from washington fox news political analyst brit hume. seems to me presidethe presiden playing politics rather than problem solving. >> i think you have a point he would like to get republicans into it. i would put it a different way in the sense that i think he would be perfectly happy to get the gun control measure that he favors whatever they turn out to be when the recommendations come in to get them past through congress without republican -- successful republican opposition. he would be happy to get the debt limit raised without republicans standing in the way of that. he woul
, president obama told reporters the u.s. can't afford a drawn-out debate over raising the debt ceiling, which could reach its lmit in mid february. "raising the debt ceiling does not authorize more spending. it simply allows the country to pay for spending that congress has already committed to. these are bills that have already been racked up, and we need to pay them." president obama warns that if the debt limit is not raised or used as leverage by republicans, markets would go haywire, interest rates would rise, and checks to military veterans and people on social security would end. gop senate minority leader mitch mconnel reponded by saying, "the president and his allies need to get serious about spending, and the debt-limit debate is the perfect time for it." traders will get their first opportunity to react to comments at the market close yesterday by federal reserve chairman ben bernanke. among the highlights, the fed chair says, the federal government is not out of ammunition, the fed's bond-buying program is not likely to lead to higher inflation, and the fed sees positive signs in
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